methinks oil's a bit ridiculous, up another 4 or so today. it certainly makes one sit up and take notice, given its parabolic rise. the market and oil reacted today like the fed isn't finished; more cuts; lower dollar; etc., etc.
is it REALLY demand driving the oil price here? or a squeeze? have 18 major fields just dried up? i don't think so. i can envision an immediate, short-term move in the price down below 120. then it probably drifts up again. just my opinion.